Industrial Absorbent Market Analysis | 2023-2028

"The industrial absorbent market is estimated to grow from USD 3.48 billion in 2022 to USD 4.67 billion by 2028 at a CAGR of 4.99% during the forecast period". 

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Market Dynamics

Introduction

Industrial absorbents are materials designed to absorb or contain liquids, primarily in industrial settings. These substances are used to clean up spills, leaks, and drips of various liquids such as oil, chemicals, solvents, and water. They come in various forms including powders, granules, pads, socks, and mats.

Market Drivers

Surge in environmental concerns and regulations regarding oil and chemical spills:

Oil and chemical spills pose significant risks to ecosystems, human life, and marine environments. They can also contaminate underground water reserves and cause significant economic burdens on governments and companies. The Gulf of Mexico oil spill in 2010 led to BP Plc spending $65.77 billion for response, cleanup, and compensation. Governments worldwide are taking proactive steps to protect against pollution's adverse effects. Environmental regulatory bodies monitor companies to prevent and manage spills, while governments develop contingency plans and maintain spill control resources. Media and NGOS play a crucial role in raising awareness and compelling responsible agencies to mitigate spill impacts. As concerns over spill consequences intensify and environmental regulations tighten, the industrial absorbents market is expected to experience significant growth.

Segment Analysis

By Material Type

"Synthetic segment held the largest share of the market in 2022"

Based on the material type, the market is segmented as natural organic, inorganic, and synthetic. The synthetic segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The quality of results offered by synthetic absorbents is driving the growth of this segment.

By Product Type

"Booms & socks segment is expected to grow with a lucrative CAGR over the forecast period"

Based on the product type, the industrial absorbent market is segmented as pads, rolls, pillows, granules, booms & socks, sheets & mats, and others. The booms & socks segment is expected to grow with a lucrative CAGR over the forecast period owing to the growing incidences of accidental spills in marine areas.

By Utility Type

"AZMAT/chemical segment held the largest share of the market in 2022"

Based on the utility type, the market is segmented as universal, oil-only, and HAZMAT/chemical. The HAZMAT/chemical segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. Stringent government regulations for hazardous chemical spills in industrial as well as commercial environments are driving the growth of this segment.

By End-Use Industry Type

"Chemical segment is expected to grow with a promising CAGR over the forecast period"

Based on the end-use industry type, the industrial absorbent market is segmented as oil & gas, chemical, food processing, healthcare, and others. The chemical segment is expected to grow with a promising CAGR over the forecast period owing to rising cases of chemical spillage during transportation.

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By Region

"Asia-Pacific is estimated to be the fastest-growing industrial absorbent market during the forecast period"

In terms of regions, Asia-Pacific is estimated to be the fastest-growing industrial absorbent market during the forecast period, with China, Japan, India, and South Korea being the major countries with promising growth opportunities. The growth of the market is driven by the introduction of various government initiatives to reinforce environmental regulation to spill response. North America and Europe are also anticipated to offer significant growth opportunities over the forecast period.

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Key Players

The following are the key players in the Industrial Absorbent Market (arranged alphabetically)

• Brady Corporation
• Decorus Europe Ltd.
• Johnson Matthey Plc
• Kimberly-Clark Professional
• Meltblown Technologies Inc.
• Monarch Green, Inc.
• New Pig Corporati
• Oil-Dri Corporation of America
• The 3M Company

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

What Deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and results from a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.